International Legal Services

Vermont – Limited Liability Companies

General information about the State	Nickname: Green Mountain State Population: 589,000 (49th place) Area: 9615 sq miles (45th place) Admitted to Union: the 4th of March, 1791 Capital City: Montpelier (population 8,000) Other cities: Burlington (50,000), Bennington (18,000)
Possible names with example of Alpha	Alpha Limited Liability Company Alpha Limited Company Alpha LLC Alpha L.L.C. Alpha LC Alpha L.C. Alpha Ltd. Co. Alpha Limited Co. Alpha Ltd. Company
The minimum number of members	One
Company management	LLC is managed by its members unless the articles state that LLC is to be managed by one or more managers. If not otherwise provided in the operating agreement members have equal voting power (presumably, one vote each), with a majority vote required to take action. Managers approve decisions by majority vote. Except as provided in the operating agreement, managers are elected for an indefinite term, replaced and removed by approval of a majority of members. When LLC has nominee members an attorney is appointed to manage LLC on the basis of power of attorney. As a rule, general power of attorney and a restricted one only for the purpose to open bank account are issued by nominee members in favor of company’ beneficial owner or authorized persons.
Amendments to Articles and Operating Agreement	Unless otherwise provided by the articles or operating agreement, all members must agree to amend articles or operating agreement.
Withdrawal of Members	A member may withdraw upon notice to the LLC (in an LLC with a perpetual duration, 90 days’ advance written notice to the LLC and other members is required). If the withdrawal is in violation of the operating agreement or articles, a member is liable to other members and LLC for damages caused by early withdrawal from the LLC. A withdrawing member is entitled to receive the fair value of the member’s interest within a reasonable time after withdrawal. Except as provided in the operating agreement, the LLC automatically dissolves after the dissociation of a member, unless a “majority of interest” of the remaining members vote to continue the LLC within 90 days after dissociation of a member.
Annual Report	Each company should present annual report to the Secretary of the State within two and a half months after the end of a financial year. The end of the financial year is the 31^st of December. For a company registered in December the end of the first financial year is the 31^st of December of the year following the year of registration of the company.
Taxation	State tax treatment of the company follows IRS classification for federal income tax. Sales tax – 5%